In March of 2025, President Donald Trump imposed a 25% tariff on imports of steel, aluminum, automobiles, and certain automobile parts. European Union (E.U.) members, except Hungary, announced retaliatory tariffs of 10% to 25% on specific U.S. imports.
On April 2, Trump proclaimed, “Liberation Day” and added a global baseline tariff of 10%, plus customized so-called “reciprocal tariffs.” Because the 2024 U.S. deficit with the E.U. was 39% of imports, he imposed a “discounted” 20% reciprocal tariff on most E.U. goods not subject to the 25% tariff. After a...